Transocean Sedco Forex Gets BP Amoco Contract

Wednesday, March 22, 2000

An operating subsidiary of Transocean Sedco Forex Inc. has entered into a contract with BP Amoco for the semisubmersible Transocean Rather.

The agreement covers one well, with a minimum duration of 120 days, plus an option to drill two additional wells in direct continuation. The drilling program is expected to commence in the U.S. Gulf of Mexico on or around April 1, 2000 and will generate an estimated $9.6 million in revenues.

Also, the company said its semisubmersible Transocean Richardson has completed a drilling program in the U.S. Gulf of Mexico with Kerr-McGee Corp. and is now under contract to Anadarko Petroleum to drill two wells over an estimated 60-day duration. Following completion of the Anadarko work assignment, the rig will return to Kerr-McGee to drill one well for a period of up to 60 days. Revenues to be generated by the Transocean Richardson during the two drilling programs are estimated at $7.5 million.